Welcome to our dedicated page for Barnwell Inds news (Ticker: BRN), a resource for investors and traders seeking the latest updates and insights on Barnwell Inds stock.
Barnwell Industries, Inc. (NYSE American: BRN) generates a steady flow of corporate, financial, and governance news tied to its role in crude petroleum and natural gas extraction and land investment. Company communications highlight a strategic focus on expanding oil and gas operations in the Twining field near Calgary, Alberta, Canada, while managing land interests in Hawaii and repositioning the overall business.
News updates for Barnwell often cover operational developments in its Canadian energy assets, including workover and optimization initiatives at Twining that the company associates with long-term production stability and cash-flow potential. Releases also describe the sale of U.S. oil and natural gas working interests in Texas and Oklahoma, which has left Barnwell without oil and natural gas assets in the United States and redirected capital toward Canadian projects and balance sheet needs.
Investors following BRN news will see capital markets and financing announcements, such as private placements of common stock and warrants with accredited investors, including certain directors. These transactions are framed by the company as part of an ongoing transformation aimed at focusing on high-return opportunities, streamlining operations, and strengthening the balance sheet.
Barnwell’s news flow also includes governance and shareholder matters, including proxy contests, consent solicitations, adjournments of the 2025 Annual Meeting, and bylaw amendments to adjust quorum requirements. Updates on Board composition, executive appointments, and leadership transitions—such as the appointment of a new Executive Vice President – Finance, CFO succession plans, and the addition of new directors—are regular themes.
Financial results releases provide context on revenue, net loss from continuing operations, and management’s commentary on strategy and outlook. For a comprehensive view of BRN-related developments, readers can use this news page to monitor earnings announcements, asset sales, capital raises, and corporate governance updates over time.
Barnwell Industries, Inc. (NYSE American: BRN) reported net earnings of $5.51 million ($0.57 per share) for the year ended September 30, 2022, down from $6.25 million ($0.73 per share) in 2021. The company experienced a net loss of $143,000 ($0.01 per share) for the fourth quarter, compared to earnings of $1.55 million ($0.16 per share) the previous year. Despite this, oil and natural gas revenues doubled due to increased production and prices. Significant investments in the Permian Basin aim to bolster growth, but overall net earnings declined due to prior year's gains not being repeated.
Barnwell Industries, Inc. (NYSE American: BRN) has declared a cash dividend of $0.015 per share of common stock, set to be paid on January 11, 2023. The record date for the dividend is December 27, 2022. This announcement reflects the company's commitment to returning value to its shareholders, although investors are reminded of the risks and uncertainties associated with forward-looking statements made regarding future performance.
MRMP-Managers LLC plans to run a proxy contest for full board control at Barnwell Industries (NYSE American: BRN) during its 2023 annual meeting. Previously, MRMP successfully contested in 2020, gaining three board seats while holding approximately 20.1% of Barnwell's shares today. MRMP has been frustrated with perceived violations of a cooperation agreement by CEO Alex Kinzler and the board, facing obstacles to shareholder value. They aim to shift the focus towards profitability, citing Kinzler's $42 million in net operating losses as a concern.
Barnwell Industries has adopted a Tax Benefits Preservation Plan to safeguard its net operating loss carryforwards and other tax attributes. This plan aims to minimize the risk of an ownership change as defined under Section 382 of the Internal Revenue Code, which could limit tax benefits utilization. The plan includes issuing Rights for each share of common stock, exercisable if anyone acquires 4.95% or more of the stock. Rights will expire by October 17, 2025, or if the plan becomes unnecessary. Further details will be disclosed in a Form 8-K with the SEC.
Barnwell Industries, Inc. (BRN) announced the sale of a drilling rig by its subsidiary for approximately $550,000. This transaction will contribute to a gain in the fiscal 4th quarter ending September 30, 2022. The company previously sold another rig for $670,000 in 2021. In the North Twining Unit, Barnwell holds a 29% interest with five wells producing a combined 350 barrels of oil daily. However, the production rates are expected to decline. A recently activated well is improving slowly due to installation delays of a compressor, anticipated for October.
Barnwell Industries, Inc. (BRN) reported net earnings of $2,531,000 ($0.25/share) for Q3 2022, down from $4,978,000 ($0.59/share) in Q3 2021. For the nine-month period, earnings reached $5,656,000 ($0.59/share), compared to $4,706,000 ($0.57/share) in 2021. Oil and natural gas revenues more than doubled due to price increases of 71% for oil and 137% for natural gas in Q3. However, the land investment segment faced declines with no lots sold in Phase II. Operating profits in the land segment decreased by $443,000.
Barnwell Industries (NYSE American: BRN) has announced significant changes to its Board of Directors aimed at enhancing decision-making effectiveness. Director Kenneth S. Grossman has been removed from the Audit, Compensation, and Nominating Committees and his role as Vice-Chairman has been eliminated due to his disruptive behavior. Francis J. Kelly has succeeded him as chairman of the Nominating Committee. The Board is evaluating further changes to improve its operation. Forward-looking statements are included, emphasizing uncertainties that could impact future performance.
Barnwell Industries, Inc. (NYSE American: BRN) reported a net profit of $2,052,000 ($0.21 per share) for the three months ended March 31, 2022, a significant improvement from a net loss of $856,000 ($0.10 per share) in the same period last year. For the six months, net earnings increased to $3,125,000 ($0.33 per share) from a loss of $272,000. This growth was driven by more than doubled oil and natural gas revenues along with land segment revenues, with oil prices up 75%. The company maintained strong liquidity with $11,026,000 in working capital, including $9,626,000 in cash.
Barnwell Industries, Inc. (NYSE American: BRN) has appointed Mr. Francis J. Kelly to its Board of Directors, effective March 10, 2022. Mr. Kelly, an independent director, brings over 30 years of experience in investment banking, public policy, and corporate governance. As the Managing Partner of Fulcrum Macro Advisors LLC, he provides insights on market dynamics. His previous roles include a position at Deutsche Bank and as a senior advisor at the SEC. The board welcomes his strategic expertise, which is expected to enhance shareholder value.
Barnwell Industries (NYSE: BRN) has announced the resignation of Mr. Colin R. O’Farrell from its Board of Directors, effective immediately, to pursue other opportunities. The Chairman of the Board, Mr. Peter J. O’Malley, expressed gratitude for O’Farrell's contributions, particularly in stabilizing Canadian operations and assisting the Oklahoma multi-well program. O’Farrell acknowledged the privilege of serving during a crucial time and expressed confidence in the company's ongoing transformation plan.